#EPF Pension Calculator
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EPFO Account में 11 Details हो सकेंगी आसानी से Update
Employees’ Provident Fund Organization (EPFO) ने मेंबर्स के अकाउंट में नाम, आधार सहित 11 Information को Update करने के लिए नई प्रक्रिया जारी की है। Organization की ओर से जारी नए Circular में नाम, लिंग, जन्म तिथि, पिता का नाम, संबंध, वैवाहिक स्थिति, जॉइन करने की तारीख, छोड़ने का कारण, छोड़ने की तारीख, राष्ट्रीयता और आधार संख्या को Update करने की मंजूरी दी गई है।
नई प्रक्रिया से EPF Member के लिए…
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#EPF Account Number#EPF Balance Check#EPF Claim Status#EPF Contribution#EPF Interest Rate#EPF KYC Update#EPF Nomination#EPF Passbook Download#EPF Pension Calculator#EPF Rules#EPF Transfer Online#EPF UAN Registration#EPF Withdrawal#EPF Withdrawal Process#EPF Withdrawal Rules and Process#EPFO Customer Care#EPFO Grievance#EPFO Login#EPFO Member Portal#EPFO Online Payment#EPFO Services and Benefits#EPFO UAN Activation Guide#How to Check EPF Balance Online#UAN Activation
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EPS Higher Pension Calculation: Larger Provident Fund Balance or Higher Pension? Watch the video to decide now
eps Higher pension calculation: If you are a private sector employee, you can opt for higher pension under the Employees’ Pension Scheme (EPS) till June 26. This option given by the Employees’ Provident Fund Organization (EPFO) comes next. The Supreme Court had given its verdict in November last year. So, should you opt for pension payout more than your salary? And did you know that opting for a…
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#business News#Employees Pension Scheme#Employees Pension Scheme 1995#EPF#EPF High Pension Scheme#EPFO#eps#eps higher pension calculator#pension#Provident Fund
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What Is an EPF Calculator?
What's EPF?
The Hand Provident Fund( EPF), is a particular withdrawal benefits scheme for workers who are endless & salaried. The EPF is impeccably handled by the workers Provident Fund Organization( EPFO). The EPFO will cover any reality/ establishment that has 20 or further workers. There are substantially 3 schemes run by the EPFO) workers provident fund organization.
1952 The EPF Scheme
1995 The Pension Scheme
1976 The Insurance Scheme
workers who are covered by the EPF scheme make a fixed donation of 12 of their introductory payment as well as the honey allowance to the scheme. The employer should also contribute inversely to the EPF scheme. Right after the ministry of finance discussion, the EPFO Central Board of Trustees determines EPF interest rates. For FY2022, the EPF Interest Rate is set at 8.1.
At withdrawal, the hand would admit a lump-sum payment that included both the hand's and the employer's benefactions as well as the interest payments. Anyway, the 12 of the employer match doesn't get deposited in the EPF account.8.33 of the 12 donations continue to be entered in the hand pension scheme account, while the remaining 3.67 will be entered into the hand EPF account.
What Is an EPF Calculator?
The EPF calculator calculates the quantum of finances that will make up your EPF account at withdrawal and shows it to you. You can figure out the lump-sum quantum fluently, which combines the interest that has accrued just on investment as well as your donation and the employer's benefactions.
You can input your present age, your introductory yearly pay envelope, the honey allowance, your EPF donation, and your age of withdrawal up to 58 times in the formula box on the EPF calculator. However, you also can input the being EPF balance, If you really are apprehensive about the numbers. The PF Maturity Calculator will give the EPF finances available for withdrawal formerly after you enter the information necessary.
Benefits of Using the Vakilsearch EPF Calculator India
At withdrawal, individuals can calculate their EPF corpus
They're suitable to ascertain the EPF corpus
This EPF calculator can be used by people to estimate how important bone
should invest in order to admit a particular return once they retire
Using this calculator, anyone can establish a fiscal ideal
They can also arrange their finances by modifying the PF interest calculator's factors
This EPF Calculator India can be used by people to boost their withdrawal benefactions
People can fleetly learn how important plutocrat they will have accumulated at the conclusion of their service life by using the EPF calculator 2022
People can increase the chance to earn the target volume at withdrawal as they gain knowledge about the EPF corpus
Subscribers who are apprehensive of the EPF corpus can effectively plan fresh investments
People can strategically plan their withdrawals when using this PF calculator online.
still, they can boost their donation, If they choose to take an early withdrawal.
#pf interest calculator#pf calculator online#PF Maturity Calculator#EPF Calculator India#EPF Calculator 2022
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Empowering Financial Security: Navigating EPFO with Audiobook Assistance
Download the App
The Employees' Provident Fund Organization (EPFO) plays a pivotal role in securing the financial future of millions of employees in India. Established under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, EPFO manages the provident fund, pension, and insurance schemes for employees across various sectors. As individuals strive to secure their financial well-being, understanding the intricacies of EPFO and its schemes becomes paramount. In this pursuit, audiobooks emerge as a valuable resource, offering a comprehensive and accessible means of navigating the complexities of EPFO.
Understanding the Significance of EPFO
EPFO serves as a cornerstone of social security in India, providing financial stability and retirement benefits to employees. Key components of EPFO include the Employees' Provident Fund (EPF), Employees' Pension Scheme (EPS), and Employees' Deposit Linked Insurance Scheme (EDLI). Through mandatory contributions from both employees and employers, EPFO aims to ensure long-term financial security and welfare for employees and their families.
Audiobooks: Facilitating Understanding of EPFO
Audiobooks offer a dynamic and convenient approach to comprehending EPFO and its various schemes. Here are some ways audiobooks can significantly benefit individuals seeking to understand EPFO:
Accessibility: Audiobooks provide unparalleled accessibility, allowing individuals to learn about EPFO anytime, anywhere. Whether commuting to work, exercising, or relaxing at home, individuals can maximize their time by listening to audiobooks on EPFO.
Simplified Learning: Complex financial concepts and legal provisions related to EPFO can be simplified through audiobooks. Clear explanations, examples, and case studies presented in audio format make it easier for individuals to grasp the intricacies of EPFO.
Convenience: Audiobooks offer convenience by allowing individuals to learn passively while engaged in other activities. Listening to audiobooks on EPFO can complement daily routines, enabling individuals to acquire knowledge without disrupting their schedules.
Comprehensive Coverage: Audiobooks cover a wide range of topics related to EPFO, including its history, functions, schemes, benefits, and procedures. Individuals can gain a holistic understanding of EPFO by exploring audiobooks that address various aspects of the organization.
Engagement: Audiobooks make learning about EPFO engaging and enjoyable. Engaging narrators, interactive content, and real-life examples featured in audiobooks captivate listeners' attention, fostering active learning and retention of information.
Exploring Audiobook Resources on Audicate
Audicate, a leading platform for audiobooks and educational content, offers a diverse range of resources tailored to understanding EPFO. Here are some notable audiobooks available on Audicate that can enhance individuals' knowledge of EPFO:
"Understanding EPFO: A Comprehensive Guide" by Finance Experts: This audiobook provides an in-depth exploration of EPFO, covering its history, functions, schemes, benefits, and regulatory framework.
"EPF Demystified: Everything You Need to Know" by Investment Gurus: Delve into the intricacies of the Employees' Provident Fund (EPF) scheme with this audiobook, featuring clear explanations, case studies, and practical insights.
"Navigating EPS: The Employees' Pension Scheme Explained" by Retirement Planners: Gain insights into the Employees' Pension Scheme (EPS) under EPFO, including eligibility criteria, calculation of pension benefits, and withdrawal procedures.
"Unlocking EDLI: Understanding the Employees' Deposit Linked Insurance Scheme" by Insurance Experts: Explore the Employees' Deposit Linked Insurance Scheme (EDLI) and its significance in providing financial protection to employees and their families.
"EPFO Handbook: Your Complete Reference Guide" by HR Professionals: This audiobook serves as a comprehensive reference guide to EPFO, covering frequently asked questions, procedural details, and best practices for managing EPF accounts.
Conclusion
As individuals strive to secure their financial future, understanding organizations like EPFO becomes indispensable. Audiobooks offer a convenient and engaging means of acquiring knowledge about EPFO and its various schemes. With platforms like Audicate providing access to a wealth of audiobook resources tailored to EPFO, individuals can empower themselves with the information needed to make informed financial decisions and plan for a secure future. By incorporating audiobooks into their learning journey, individuals can navigate the intricacies of EPFO with confidence and clarity, paving the way for financial well-being and stability.
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Breaking down the Retirement Planning Process into Manageable Steps
Navigating the complexities of retirement planning requires a disciplined strategy. This guide breaks down the retirement planning process into simple parts and provides practical insights, methods, and concrete recommendations for securing a safe financial future.
Evaluate Your Current Financial Situation:
To begin retirement planning, first assess your current financial situation. Use budgeting tools to identify spending trends, rather than just reporting costs. Investigate financial health check services that not only examine assets and obligations, but also make recommendations for maximizing them.
Actionable Suggestions:
Use cost monitoring tools to classify and understand your spending habits.
Use financial health check services to get a full perspective.
Optimize assets and liabilities to increase financial efficiency.
Set Clear Retirement Goals.
Setting clear retirement objectives is an important part of financial planning to guarantee a comfortable and enjoyable existence in your golden years. You may customize your savings and investing plans by providing goals such as desired retirement age, lifestyle expectations, and expected costs. Clear objectives serve as a blueprint for your financial decisions, giving you control over your future.
Actionable Suggestions:
Use retirement investment calculators to forecast your future financial requirements.
Consider working with a financial adviser to create individualized retirement estimates.
Establish lifestyle objectives for a thorough retirement plan.
Understand Retirement Investment Plans.
Explore retirement investing programs, starting with employer-sponsored choices such as EPF or PPF. Maximize contributions to optimum returns. Investigate the possibilities of NPS as an extra pension fund.
Individuals who are self-employed can benefit from the many benefits provided by private insurers' pension plans and unit-linked insurance plans (ULIPs). Online tools may help with portfolio diversification, ensuring a combination that matches your risk tolerance.
Actionable Suggestions:
Maximize your contributions to EPF or PPF for further rewards.
Consider NPS for an extra pension fund.
Consider investing in ULIPs to achieve optimal diversification.
Create a realistic savings plan.
When evaluating savings requirements, use tools such as the Retirement Calculator to account for inflation. Consider systematic investment plans (SIPs) in mutual funds for controlled savings. Consider ELSS (Equity-Linked Savings Schemes), which offer both investment and tax benefits. Insurance products such as ULIPs provide both protection and investment benefits.
Actionable Suggestions:
When setting financial goals, keep inflation in mind.
Use SIPs in mutual funds for disciplined and systematic savings.
Regularly Review and Adjust Your Plan:
Use financial tracking applications for frequent evaluations. Automated systems can alert you to departures from your financial strategy. Use scenario analysis tools to discover how life changes will affect your plan. Consider a life insurance policy designed specifically for retirement planning, which will provide a safety net for unexpected circumstances.
Actionable Suggestions:
Conduct frequent evaluations utilizing financial tracking tools.
Create automatic warnings for plan deviations.
Use scenario analysis methods to evaluate the effects of life changes.
Navigate the Transition to Retirement:
Consider gradual retirement choices, such as switching to part-time work or consulting.
Estimate healthcare expenditures using online calculators that forecast medical bills in retirement. Annuities can be structured using online technologies to provide a consistent income stream. Consult your financial adviser for a strategy tailored to your specific situation.
Actionable Suggestions:
Consider a staggered retirement to provide a smooth transition.
Use internet calculators to estimate healthcare expenditures.
Create a financial strategy that is suited to your needs and goals.
Tax Planning Strategies for RetirementInvestigate tax-efficient alternatives to increase your retirement income. Understand the tax consequences of various investing alternatives and take advantage of retiree-specific deductions. Consider tax-saving tools such as the Senior Citizens Savings Scheme (SCSS) and investigate the advantages of annuities in tax planning. Use online income tax calculators to determine your tax liability. Consult a tax adviser to look into different ways to lower your taxable income.
Actionable Suggestions:
Examine tax-saving opportunities for retirees.
Consider annuities for tax planning.
Optimize your assets for tax efficiency.
Investigate SCSS for further tax benefits.
Retirement planning is a dynamic process that requires ongoing adjustments. Individuals may safeguard their financial future and begin on a retirement journey that aligns with their objectives by increasing financial knowledge, adopting technology tools, and utilizing a variety of financial products.
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Detailed Guide to Retirement Planning in India
Retirement, that golden phase of life, is a dream for many. It's a time when you can sit back, relax, and enjoy the fruits of your labor. However, to ensure a comfortable and financially secure retirement, it's essential to engage in thoughtful retirement planning. In this comprehensive guide, we will walk you through the essential steps of retirement planning in India, providing insights and strategies to help you secure your future.
Start Early: The Power of Compounding
Retirement planning is a marathon, not a sprint. The earlier you start, the better. One of the most potent tools in your retirement planning arsenal is the power of compounding. By investing money wisely and allowing it to grow over time, you can multiply your savings significantly. This can make a substantial difference in the corpus you accumulate by the time you retire.
Assess Your Financial Goals
The first step in retirement planning is to evaluate your financial goals. How do you envision your retirement? Consider factors like where you want to live, what kind of lifestyle you desire, and any specific retirement dreams or travel plans you might have. Having a clear picture of your retirement goals will guide your financial planning process.
Calculate Your Retirement Corpus
Once you have a grasp of your financial goals, the next step is to calculate how much money you'll need to support your retirement. Factor in expenses like daily living costs, healthcare, leisure activities, and any outstanding debts. This calculation will help you set a target corpus for your retirement savings.
Explore Retirement Investment Options
In India, there are several investment options tailored to retirement planning. These include Employee Provident Fund (EPF), Public Provident Fund (PPF), National Pension Scheme (NPS), and various mutual fund schemes. Diversifying your investments is a sound strategy to mitigate risk and maximize returns.
Tax Planning for Retirement
Understanding the tax implications of your investments is crucial. Many retirement-oriented investment options in India offer tax benefits. For example, contributions to NPS and EPF are eligible for deductions under Section 80C. Make the most of these deductions to minimize your tax liability and boost your retirement savings.
Health Insurance and Medical Expenses
Healthcare costs tend to increase with age, so having comprehensive health insurance is vital for retirement planning. Ensure that you have a suitable health insurance policy that covers you and your spouse. Consider creating a health corpus to cover unforeseen medical expenses.
Create an Emergency Fund
Financial emergencies can arise at any point in life, including during retirement. Having an emergency fund equivalent to at least six months' worth of living expenses is a prudent move. It provides a safety net, ensuring that you don't have to dip into your retirement savings in case of unexpected expenses.
Regularly Review and Adjust Your Plan
Your retirement planning should be an evolving process. Regularly review your investments and assess whether you are on track to meet your retirement goals. If necessary, make adjustments to your plan based on changing circumstances, investment performance, and your risk tolerance.
Conclusion
Retirement planning in India is all about ensuring that your post-retirement years are financially secure and stress-free. By starting early, setting clear goals, and diversifying your investments, you can take significant steps toward a comfortable retirement. Remember, every individual's retirement plan is unique, so tailor your strategy to meet your specific needs and objectives. With dedication and a well-structured retirement plan, you can look forward to enjoying your golden years to the fullest.
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Company Secretaries in Tambaram
Company Secretaries in Tambaram
EMPLOYEE’S PROVIDENT FUND (EPF) & ESI
Employees Provident Fund (EPF) is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. PF registration is applicable for all establishment which employs 20 or more persons. Under EPF scheme, an employee has to pay a certain contribution towards the scheme and an equal contribution is paid by the employer. The employee gets a total amount including self and employer’s contribution with interest, on retirement or resignation.
Eligibility
It is obligatory that employees’ drawing less than Rs 15,000 per month, to become members of the EPF. As per the guidelines in EPF, employee, whose ‘basic pay’ is more than Rs. 15,000 per month.
Amount Of PF Contribution
The PF contribution paid by the employer is 12% of (basic salary + dearness allowance + retaining allowance). An equal contribution is payable by the employee. In case of establishments which engage less than 20 employees or meet certain other conditions, as per the EPFO rules, the contribution rate for both employee and the employer is restricted to 10%. For most employees working in the private sector, it’s the basic salary on which the contribution is calculated.
Employees Pension Scheme
Out of employers’ contribution, 8.33% will be routed to Employees’ Pension Scheme, which is calculated at Rs 15,000. The amount routed to EPS would be Rs. 1250 for employees whose basic pay amounts to Rs 15,000 or more. However, if the basic pay is less than Rs 15000, then 8.33% of such amount would be routed to EPS, the balance will be retained in the EPF scheme. On superannuation, the employee would receive the full share plus the balance of employer’s share reserved for his credit in EPF account.
Due Date For Filling
The employee portion and employer portion are payable to the EPFO, within 15 days of the close of every month.
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What is the Difference Between CTC, Take-Home, Net & Gross Salary?
The annual or monthly amount that an employee receives from the employer against services rendered to the company is called a salary. The income salary calculator takes into account multiple factors such as the tax bracket the employee falls under, work experience, skill set, location, demand and supply, and the nature of the profession.
Salary comprises multiple components such as CTC, take-home, net salary, and gross salary. When using a take home calculator, understanding these components can help job seekers make well-informed decisions in choosing an employer.
Armed with a salary calculator, they have more bargaining power to negotiate their salaries. Let us go through each of these in detail.
Cost to Company (CTC)
The total expense that a company incurs for hiring an employee’s services is known as cost-to-company or CTC. All the components of a salary such as incentives (if any), medical insurance, provident fund, pension fund, gratuity, travel allowance, house rent allowance (HRA), and basic salary are included within the CTC.
The CTC is the combination of all direct and indirect benefits and is not the same as take-home salary. Given below are the components of a CTC. Please note that organizations may not provide all these benefits, but rather a combination of these depending on the organization’s policy, employee’s role and designation, nature of the organization, etc.
Basic Salary – This is the non-variable component of your salary and is considered a part of your in-hand salary.
Allowances – The amount that an employee receives from an employer to meet the requirements of daily service is known as the allowance. This differs from company to company.
House Rent Allowance (HRA) – An employee who rents his or her place of residence is paid this amount.
Leave Travel Allowance – When an employee travels for service purposes, the company pays this amount to meet the domestic travel expenses. This amount does not include the accommodation and food expenses of the employee.
Dearness Allowance – This amount enables employees to tackle the volatility of inflation. It is a living allowance that is paid to pensioners, private sector employees, and government employees only.
Fuel or Vehicle Allowance – In a financial year, an employee is eligible for this amount as reimbursement for the use of vehicle and fuel for official purposes.
Phone or Internet Allowance – A company may pay for the internet and phone bills of an employee up to a predetermined limit.
Employee Provident Fund (EPF) – This is a percentage of the basic salary component which is deducted from the employee’s salary and placed into his/her provident fund account. The employer too contributes some amount. The amount contributed by the employer is calculated within the CTC for the employee.
Gratuity – A company deducts this amount from an employee’s salary. If the employee leaves the company after more than 5 years of service, the lump sum amount is awarded to the employee in his/her full and final settlement. Some organizations may allow employees to get this benefit if they leave after 3 years of service.
Must Read: What is Minimum Salary Required For a Personal Loan?
Gross Salary
The total salary that is offered to the employee before deductions is known as the gross salary. It is also known as the Savings Contributions.
Gross salary comprises all the components of CTC except gratuity, Superannuation Benefits, and the EPF. The following CTC components are a part of the gross salary –
Basic salary
Leave Travel Allowance
Educational Allowance
House Rent Allowance
Dearness Allowance
Conveyance Allowance
Travel, leave, and medical allowance
Overtime payment
Accommodation rent
Salary arrears
Performance-related monetary awards
Remuneration fee
City Compensatory Allowance (if any)
Office refreshments and reimbursements for food, travel, and other business trip expenses are not included in the Gross Salary.
Take Home or Net Salary
When we are trying to calculate in hand salary, we have to keep the following in mind - the definite salary that an employee gets in-hand after all deductions including income tax is known as the net salary or take-home salary. It is the salary that an employee gets after income taxes, professional taxes, gratuity, provident fund, EPF, etc. are deducted from the gross salary.
Depending on the tax slab applicable, if the income tax on the gross salary is zero, take home salary is the same as the net salary. While using an eligibility calculator, an applicant should enter the monthly take-home salary amount to get accurate estimates of the maximum loan they can get.
Must Read: How Much Personal Loan Can I Get On My Salary?
Understanding the Differences Between the Salary Components
When using an annual income calculator, understanding the fundamental differences between in-hand salary and CTC can help job seekers negotiate salaries to their advantage.
CTC is the total of saving contributions, indirect benefits, and direct benefits. The net salary is direct benefits after all the deductions such as income tax, employee PF, etc.
When negotiating new salaries, informed job seekers try to increase the direct benefit component of their CTC. For example, they try to convert transportation, an indirect benefit, into conveyance allowance, a direct benefit.
Similarly, subsidised meals, which are indirect benefits, can be converted into food allowance, which is a direct benefit.
Conveyance allowance is non-taxable up to a certain limit. House rent allowance also offers tax rebates. Either of these options is a better alternative to, say, a pick-and-drop facility.
The tax liability of prerequisites and allowances vary across companies. Therefore, one should know the company policy of a new employer before accepting an offer. This will enable them to make better use of CTC to take home calculators.
We hope that this article has helped broaden your understanding. At Fullerton India, we offer a host of attractive financial products such as an instant personal loan online. If you are looking for a personal loan, visit our website or download the Fullerton India Instaloan app today.
Using our personal loan EMI calculator, you can determine the best tenure to select so that the resulting EMI is easy on your monthly budget.
Source: https://www.smfgindiacredit.com/knowledge-center/difference-between-ctc-take-home-net-gross-salary.aspx
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What Is Personal Finance And Why Does It Matter?
Personal finance is all about taking control of your money and making smart decisions about how you spend, save, and invest it. It's all about how you budget, save, invest, and plan for the future. Read on to learn more about what personal finance is and why it's so important for people in India.
Understanding Personal Finance
Personal finance encompasses various aspects of managing your money. It involves creating a budget to track your income and expenses, setting financial goals, saving money for emergencies and future expenses, investing wisely to grow your wealth, managing debt effectively, and planning for retirement. It is about making informed decisions that align with your financial goals and values.
Also Read: Retirement Planning In India: Building A Secure Financial Future
Why Does Personal Finance Matter?
Financial Stability
Personal finance is all about making sure you have enough money to cover your needs and reach your goals. If you don't manage your money well, you can end up with a lot of debt and a lot of stress. Personal finance makes sure you have the money you need to stay on top of your finances and make sure you have a secure financial future.
Goal Achievement
Personal finance is all about how you use your money to get where you want to be. Whether you're saving up for a house, paying for your kid's college, starting your own business, or getting ready to retire, personal finance can help you put your money where you want it. It's all about budgeting, saving, and making the right decisions.
Financial Freedom
Personal finance gives you the freedom to make choices about how you want to spend and save your money. It enables you to live within your means, avoid unnecessary debt, and make informed decisions about your financial priorities. With financial freedom, you can pursue your passions, take calculated risks, and enjoy a higher quality of life.
Also Read: The Influence Of Technology On The Finance Sector In India: A Paradigm Shift
Emergency Preparedness
We never know what's going to happen in life, so it's important to have a plan in place for when something unexpected happens. Personal finance can help you get ready for an emergency by setting up an emergency fund. Saving money for a rainy day gives you a cushion to fall back on when times get tough.
Retirement Planning
Personal finance plays a crucial role in planning for retirement. By starting early and making regular contributions to retirement accounts, such as the Employee Provident Fund (EPF), National Pension System (NPS), or individual retirement accounts, you can build a retirement nest egg. Planning for retirement ensures financial security and a comfortable lifestyle during your golden years.
Conclusion
Personal finance is about taking control of your financial life and making informed decisions to achieve your goals. It provides financial stability, helps you achieve your dreams, and gives you the freedom to make choices that align with your values. So, begin today and reap the benefits of sound personal finance practices in your life.
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Higher pension from EPF deadline ends soon: Documents, calculation, other details you need to know
http://dlvr.it/Sry3Wq
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Empowering Financial Security: Navigating EPFO with Audiobook Assistance
Download the App
The Employees' Provident Fund Organization (EPFO) plays a pivotal role in securing the financial future of millions of employees in India. Established under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, EPFO manages the provident fund, pension, and insurance schemes for employees across various sectors. As individuals strive to secure their financial well-being, understanding the intricacies of EPFO and its schemes becomes paramount. In this pursuit, audiobooks emerge as a valuable resource, offering a comprehensive and accessible means of navigating the complexities of EPFO.
Understanding the Significance of EPFO
EPFO serves as a cornerstone of social security in India, providing financial stability and retirement benefits to employees. Key components of EPFO include the Employees' Provident Fund (EPF), Employees' Pension Scheme (EPS), and Employees' Deposit Linked Insurance Scheme (EDLI). Through mandatory contributions from both employees and employers, EPFO aims to ensure long-term financial security and welfare for employees and their families.
Audiobooks: Facilitating Understanding of EPFO
Audiobooks offer a dynamic and convenient approach to comprehending EPFO and its various schemes. Here are some ways audiobooks can significantly benefit individuals seeking to understand EPFO:
Accessibility: Audiobooks provide unparalleled accessibility, allowing individuals to learn about EPFO anytime, anywhere. Whether commuting to work, exercising, or relaxing at home, individuals can maximize their time by listening to audiobooks on EPFO.
Simplified Learning: Complex financial concepts and legal provisions related to EPFO can be simplified through audiobooks. Clear explanations, examples, and case studies presented in audio format make it easier for individuals to grasp the intricacies of EPFO.
Convenience: Audiobooks offer convenience by allowing individuals to learn passively while engaged in other activities. Listening to audiobooks on EPFO can complement daily routines, enabling individuals to acquire knowledge without disrupting their schedules.
Comprehensive Coverage: Audiobooks cover a wide range of topics related to EPFO, including its history, functions, schemes, benefits, and procedures. Individuals can gain a holistic understanding of EPFO by exploring audiobooks that address various aspects of the organization.
Engagement: Audiobooks make learning about EPFO engaging and enjoyable. Engaging narrators, interactive content, and real-life examples featured in audiobooks captivate listeners' attention, fostering active learning and retention of information.
Exploring Audiobook Resources on Audicate
Audicate, a leading platform for audiobooks and educational content, offers a diverse range of resources tailored to understanding EPFO. Here are some notable audiobooks available on Audicate that can enhance individuals' knowledge of EPFO:
"Understanding EPFO: A Comprehensive Guide" by Finance Experts: This audiobook provides an in-depth exploration of EPFO, covering its history, functions, schemes, benefits, and regulatory framework.
"EPF Demystified: Everything You Need to Know" by Investment Gurus: Delve into the intricacies of the Employees' Provident Fund (EPF) scheme with this audiobook, featuring clear explanations, case studies, and practical insights.
"Navigating EPS: The Employees' Pension Scheme Explained" by Retirement Planners: Gain insights into the Employees' Pension Scheme (EPS) under EPFO, including eligibility criteria, calculation of pension benefits, and withdrawal procedures.
"Unlocking EDLI: Understanding the Employees' Deposit Linked Insurance Scheme" by Insurance Experts: Explore the Employees' Deposit Linked Insurance Scheme (EDLI) and its significance in providing financial protection to employees and their families.
"EPFO Handbook: Your Complete Reference Guide" by HR Professionals: This audiobook serves as a comprehensive reference guide to EPFO, covering frequently asked questions, procedural details, and best practices for managing EPF accounts.
Conclusion
As individuals strive to secure their financial future, understanding organizations like EPFO becomes indispensable. Audiobooks offer a convenient and engaging means of acquiring knowledge about EPFO and its various schemes. With platforms like Audicate providing access to a wealth of audiobook resources tailored to EPFO, individuals can empower themselves with the information needed to make informed financial decisions and plan for a secure future. By incorporating audiobooks into their learning journey, individuals can navigate the intricacies of EPFO with confidence and clarity, paving the way for financial well-being and stability.
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Breaking down the Retirement Planning Process into Manageable Steps
Navigating the complexities of retirement planning requires a disciplined strategy. This guide breaks down the retirement planning process into simple parts and provides practical insights, methods, and concrete recommendations for securing a safe financial future.
Evaluate Your Current Financial Situation:
To begin retirement planning, first assess your current financial situation. Use budgeting tools to identify spending trends, rather than just reporting costs. Investigate financial health check services that not only examine assets and obligations, but also make recommendations for maximizing them.
Actionable Suggestions:
Use cost monitoring tools to classify and understand your spending habits.
Use financial health check services to get a full perspective.
Optimize assets and liabilities to increase financial efficiency.
Set Clear Retirement Goals.
Setting clear retirement objectives is an important part of financial planning to guarantee a comfortable and enjoyable existence in your golden years. You may customize your savings and investing plans by providing goals such as desired retirement age, lifestyle expectations, and expected costs. Clear objectives serve as a blueprint for your financial decisions, giving you control over your future.
Actionable Suggestions:
Use retirement investment calculators to forecast your future financial requirements.
Consider working with a financial adviser to create individualized retirement estimates.
Establish lifestyle objectives for a thorough retirement plan.
Understand Retirement Investment Plans.
Explore retirement investing programs, starting with employer-sponsored choices such as EPF or PPF. Maximize contributions to optimum returns. Investigate the possibilities of NPS as an extra pension fund.
Individuals who are self-employed can benefit from the many benefits provided by private insurers' pension plans and unit-linked insurance plans (ULIPs). Online tools may help with portfolio diversification, ensuring a combination that matches your risk tolerance.
Actionable Suggestions:
Maximize your contributions to EPF or PPF for further rewards.
Consider NPS for an extra pension fund.
Consider investing in ULIPs to achieve optimal diversification.
Create a realistic savings plan.
When evaluating savings requirements, use tools such as the Retirement Calculator to account for inflation. Consider systematic investment plans (SIPs) in mutual funds for controlled savings. Consider ELSS (Equity-Linked Savings Schemes), which offer both investment and tax benefits. Insurance products such as ULIPs provide both protection and investment benefits.
Actionable Suggestions:
When setting financial goals, keep inflation in mind.
Use SIPs in mutual funds for disciplined and systematic savings.
Regularly Review and Adjust Your Plan:
Use financial tracking applications for frequent evaluations. Automated systems can alert you to departures from your financial strategy. Use scenario analysis tools to discover how life changes will affect your plan. Consider a life insurance policy designed specifically for retirement planning, which will provide a safety net for unexpected circumstances.
Actionable Suggestions:
Conduct frequent evaluations utilizing financial tracking tools.
Create automatic warnings for plan deviations.
Use scenario analysis methods to evaluate the effects of life changes.
Navigate the Transition to Retirement:
Consider gradual retirement choices, such as switching to part-time work or consulting.
Estimate healthcare expenditures using online calculators that forecast medical bills in retirement. Annuities can be structured using online technologies to provide a consistent income stream. Consult your financial adviser for a strategy tailored to your specific situation.
Actionable Suggestions:
Consider a staggered retirement to provide a smooth transition.
Use internet calculators to estimate healthcare expenditures.
Create a financial strategy that is suited to your needs and goals.
Tax Planning Strategies for RetirementInvestigate tax-efficient alternatives to increase your retirement income. Understand the tax consequences of various investing alternatives and take advantage of retiree-specific deductions. Consider tax-saving tools such as the Senior Citizens Savings Scheme (SCSS) and investigate the advantages of annuities in tax planning. Use online income tax calculators to determine your tax liability. Consult a tax adviser to look into different ways to lower your taxable income.
Actionable Suggestions:
Examine tax-saving opportunities for retirees.
Consider annuities for tax planning.
Optimize your assets for tax efficiency.
Investigate SCSS for further tax benefits.
Retirement planning is a dynamic process that requires ongoing adjustments. Individuals may safeguard their financial future and begin on a retirement journey that aligns with their objectives by increasing financial knowledge, adopting technology tools, and utilizing a variety of financial products.
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Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
Having secured a job, an individual aspires for a better life, a comfortable home, health care, and a pension to take them easily through retirement blues. Key to lead the life out of retirement blues is pension planning for which the savings through Employees’ Provident Funds are important.
Deep insights about Employees' Provident Funds are presented in this article including schemes, eligibility criterion, calculation and withdrawal.
What is the Employee Provident Fund (EPF)?
The Employee Provident Fund is a welfare scheme brought into action for securing the future of employees. It is a statutory benefit given to the employees at the time of retirement or while discontinuing the work either permanently or temporarily due to any disability. This fund is created using the contributions made by employees and employers every month encouraging them to save a portion of their salary as a form of tax-free investment. Under Section 80C, the contributions made by the employees are eligible for tax deductions.
These contributions are stored every month in the EPF account which is further linked to the ESIC (Employees’ State Insurance Scheme). It is a multidimensional social security scheme that provides cash benefits on certain contingencies to workers, maternity benefits to female workers, and medical care to self as well as family.
The Central Board of Trustees including the representatives of the employees, employers, and Government help in performing the management and administration of EPF. This welfare scheme is administered by a statutory body developed by the government of India under the Ministry of Labor and Employment, namely, EPFO (Employee Provident Fund Organization). An organization must register with the EPFO having 20 or more permanent employees working across different branches and departments.
What is UAN (Universal Account Number)?
UAN is a unique 12-digit number that is generated by the EPFO and assigned to a particular employee contributing to the EPF. This number remains the same throughout the service period of an employee allowing them to withdraw and transfer funds without any involvement of the employer. Universal Account Number is essential for an employee enrolled under EPF which can be obtained after logging in to the EPFO website. This will then provide different information including EPF balance on the registered mobile number via SMS.
What are the schemes under the Employee Provident Fund Act of 1952?
Under the EPF Act of 1952, the following three schemes are in operation:
EPF (Employees’ Provident Fund) Scheme, 1952.
EDLI (Employees’ Deposit Linked Insurance Scheme) Scheme, 1976.
EPS (Employees’ Pension Scheme) Scheme, 1995.
They are calculated based on one’s basic salary, Dearness Allowance (DA), and Retaining Allowance (RA). DA includes the cost of living adjustment paid by the government to the public sector employees and pensioners. RA is paid by the employer to the employee to retain resources.
What is the Employees’ Pension Scheme (EPS)?
EPS is designed as a “Benefit Defined Social Insurance Scheme” that came into effect on November 16, 1995. This scheme was framed under EPF Act, 1952, to provide retiring pension, superannuation pension, permanent total disablement pension, orphan pension, children pension, and widow or widower’s pension to whom this Act applies.
What is the Employees Deposit Linked Insurance Scheme (EDLI)?
Employees’ Deposit Linked Insurance Scheme is an insurance cover that is provided for private sector salaried employees by the EPFO. It was framed to provide certain insurance benefits to the beneficiaries of the deceased employee which helps in maintaining the economic wealth of the family.
What is the eligibility criterion to be a member of EPF?
The eligibility criterion to be followed for becoming a member of EPF include:
This scheme is applicable pan-India except in the states of Jammu and Kashmir.
Any individual working either in the public or private sector can apply to become a member of the EPF scheme.
It is mandatory for the employees to register for an EPF account with an income of less than Rs. 15,000 per month.
Mandatorily, a company or an organization with 20 or more employees should register for EPF scheme.
Although the upper and lower limits of employee’s salary are not mandatory; therefore employees having a salary of more than Rs. 15,000 per month can also voluntarily register for EPF. Also, companies having less than 20 employees can also register for the same.
After becoming an active member of the scheme, an employee is able to avail various benefits including insurance benefits, pension benefits and Employees Provident Fund benefits.
How to calculate EPF contribution?
Percentile contribution of the employee and the employer
The contribution is divided differently for both the employee and the employer as mentioned below:
Employee
An employee contributes 12% of their salary to EPF.
Employer
An employer contributes 3.67%, 8.33%, and 0.5% to EPF, EPS, and EDLI respectively. Also, 0.85% and 0.01% are also contributed for EPF and EDLI Administrative charges respectively.
Through this, it can be analyzed that there is no contribution of an employee to the insurance premium charges or administrative charges for both EPF and EDLI and solely contributes toward EPF.
EPF calculation
If the basic salary of an employee is Rs. 13,000 per month, the employee contribution shall be 12% of 13,000, which is equal to Rs. 1,560.
Out of 12%, the employer is required to contribute 8.33% to the Employee Pension Scheme while the remaining 3.67% must be contributed to the EPF so the 3.67% of Rs. 13,000 is Rs. 477.
How to perform a withdrawal from the EPF account?
Funds from the EPF account can be withdrawn under certain circumstances which are discussed in brief as follows:
Withdrawal of full funds from EPF account
When an employee attains the age of 58 years.
At the time of employee’s retirement.
When an employee is unemployed for a period of two months or more.
Nominees or legal heirs can withdraw the funds in case of the death of an employee still in service.
Withdrawal of funds while working
Technically, the withdrawal of full EPF amount while an employee is still working is illegal but it can be done under certain circumstances (followed by specific rules) which are listed as follows:
To repay a home loan in your name, your spouse’s name or owned by both. This can be done only when an employee has completed 10 years of service or more whereas 36 times their basic pay is the withdrawable amount.
For marriage or education of children but with a precondition that the service period should be of atleast 7 years. Only 50% of the contributed EPF amount is withdrawable by providing legal proof of the wedding or education.
To pay for medical treatments (surgery) such as cancer, TB, mental ailments, leprosy and heart illness for yourself and your family. The maximum withdrawable amount for this is 6 times the basic salary.
Along with this, funds in the EPF account can be withdrawn in case of constructing or purchasing a house and to repair the existing home in the name of self, spouse or jointly.
Case Laws
Manipal Academy of Higher Education v. Provident Fund Commissioner.
West Bengal v. Vivekananda Vidyamandir & Others.
Conclusion
Employees’ Provident Fund helps employees working in either public or private sector to secure their future by contributing a small portion of their salary to the EPF account. This account is also linked to the ESIC, a social security scheme that delivers cash benefits to workers and their families. EPF is managed and administered by a statutory body, Employee Provident Fund Organization. There is an eligibility criterion to be followed for becoming a member of EPF whereas the main point is that it is only applicable pan-India. Moreover, the full withdrawal of funds can be performed only when an employee is retired. In the case of a deceased employee, spouse or legal heirs have the authority to withdraw the funds. To sum up, it can be stated that for a better life and to eliminate retirement blues EPF plays a significant role.
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Why is the EPF Federation pushing the EPFO for clarity on the Supreme Court pension verdict?
Why is the EPF Federation pushing the EPFO for clarity on the Supreme Court pension verdict?
With the Employees’ Provident Fund Organisation (EPFO) yet to come out with guidelines after the recent Supreme Court judgment on higher pension, the All India EPF Staff Federation, in a letter to the Central Provident Fund Commissioner (CPFC), has asked for more clarity on the issue, including issuance of details about the legal position being adopted, calculation formula for pension, and…
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Company Secretaries in Tambaram
Company Secretaries in Tambaram
EMPLOYEE’S PROVIDENT FUND (EPF) & ESI
Employees Provident Fund (EPF) is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. PF registration is applicable for all establishment which employs 20 or more persons. Under EPF scheme, an employee has to pay a certain contribution towards the scheme and an equal contribution is paid by the employer. The employee gets a total amount including self and employer’s contribution with interest, on retirement or resignation.
Eligibility
It is obligatory that employees’ drawing less than Rs 15,000 per month, to become members of the EPF. As per the guidelines in EPF, employee, whose ‘basic pay’ is more than Rs. 15,000 per month.
Amount Of PF Contribution
The PF contribution paid by the employer is 12% of (basic salary + dearness allowance + retaining allowance). An equal contribution is payable by the employee. In case of establishments which engage less than 20 employees or meet certain other conditions, as per the EPFO rules, the contribution rate for both employee and the employer is restricted to 10%. For most employees working in the private sector, it’s the basic salary on which the contribution is calculated.
Employees Pension Scheme
Out of employers’ contribution, 8.33% will be routed to Employees’ Pension Scheme, which is calculated at Rs 15,000. The amount routed to EPS would be Rs. 1250 for employees whose basic pay amounts to Rs 15,000 or more. However, if the basic pay is less than Rs 15000, then 8.33% of such amount would be routed to EPS, the balance will be retained in the EPF scheme. On superannuation, the employee would receive the full share plus the balance of employer’s share reserved for his credit in EPF account.
Due Date For Filling
The employee portion and employer portion are payable to the EPFO, within 15 days of the close of every month.
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